Towns that are acquiring flood-prone properties in the wake of superstorm Sandy would get some much-needed tax relief under legislation passed by an Assembly committee this afternoon.
According the bill,which cleared the Assembly Housing and Local Government Committee, homes purchased through the state?s Blue Acres program, which provides funds to buy out flood-prone properties, after October 1 would be exempt from county, school, and fire district taxes for the following tax year.
The exemption would also apply to properties purchased using with federal funds. The goal of the bill is to help towns hit hard by Sandy and other recent flood events, the sponsors said.
?Towns should not be left on the hook to pay county and school taxes for a home that is no longer bringing in property taxes,? said Assemblywoman Valerie Vainieri Huttle, D-Englewood. ? This is a sensible way to help beleaguered homeowners and cash-strapped municipalities.?
?The flooding caused by superstorm Sandy this year, and the devastation witnessed in the aftermath of last year?s hurricane and tropical storm has heightened the awareness of towns that continuously deal with this problem,? said Assemblywoman Holly Schepisi, R-River Vale. ?A municipality should not be deterred from purchasing property from a willing seller because they cannot afford that property?s tax liability.?
The bill now heads to the full Assembly for consideration. A similar measure is sponsored in the Senate by Sens. Gerald Cardinale, R-Demarest, and Robert Gordon, D-Fair Lawn.
This is a simple solution to allow for towns to plan correctly for next year?s budget,? said Assemblyman Tim Eustace, D-Maywood.
?Towns like Saddle Brook have dealt with enough flooding problems over the past few years,? he said. ?They should not have to pay the consequences of higher taxes due to a technicality while we attempt to alleviate the issue for them and others throughout New Jersey.?
?One of the best ways to remedy repetitive flooding and provide relief to affected homeowners, whether at the Jersey Shore, or along the Delaware, Raritan or Millstone rivers, is for municipalities to use Blue Acres and FEMA programs to purchase homes in flood-prone areas,? said Assemblyman Jack Ciattarelli, R-Somerset. ?With that in mind, we should be doing all we can to eliminate impediments and make the Blue Acre and FEMA programs as successful as possible.?
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